Shanghai copper weakly declined, market long and short divergence increased

Externally: Asia Lun copper oscillated around $4,920 / ton, of which Shanghai copper closed 3-month LME copper slightly down 0.
12% to $4,916.
5 / ton, down 2.
82%
from the high of this round of rebound of $5,059 / ton.
At present, London copper fell back to the moving average intertwined operation, the RSI indicator is still in the oversold zone, and the technical support below focuses on $4800 / ton
.

Macro: China's February PPI -4.
9% year-on-year, expected -4.
9%, previous value -5.
3%, for the 48th consecutive month of decline, but the year-on-year decline has narrowed, while China's February CPI 2.
3% year-on-year, expected 1.
8%, previous value 1.
8%, the growth rate has expanded significantly, mainly due to the dual impact of cold wave weather and Spring Festival factors, inflation has rebounded slightly to suppress the market's expectations
of domestic loose monetary policy.
The market is currently focused on tonight's ECB interest rate meeting, and expectations of a rate cut are strong
.

In terms of market: the basis difference between Shanghai copper in the current month and the next month expanded to 180-220 yuan / ton, resulting in traders still buying and selling period-based, and buying is active; The downstream continued to enter the market for procurement, but due to the slight rise in copper prices, the downstream buying enthusiasm and trading volume cooled significantly compared with yesterday
.
Pingshui copper is still favored, so it is difficult for cargo holders to sell at a high price, and it is difficult to find low-priced sources
.

Today's Shanghai copper 1605 contract weak sorted out to 37320 yuan / ton, suppressed by technical pullback demand and China's short economic data, but because the copper rebound pattern maintained well, and the upward momentum remains, it is expected that copper prices still have room to rise, operationally it is recommended that the Shanghai copper 1605 contract can still back 36800 yuan / ton above the dip to make up for the long order, the entry reference around 37000 yuan, the upper resistance to focus on 38500 yuan / ton
.